This photo essay discusses the goods and services provided, factors of production used, opportunity costs incurred, and trade-offs made by various businesses. It analyzes Walmart, Publix, Zaxby's, Top Notch Express Car Wash, Great Clips, Kay's Jewelers, Furniture Mart, Peachwave Frozen Yogurt, and Shell Gas Station. For each business, it identifies the goods/services, factors of production, alternative options to customers/opportunity costs, and alternative options forgone by managers/trade-offs of establishing the business.

1. Photo Essay:
Thinking Like an
Economist
Economics Spring 2016
Lina Gu

2. Walmart Supercenter
 For its consumers, Walmart produces
a variety of goods such as groceries,
home décor, cleaning supplies,
clothing, and toys. Walmart also
provides pharmaceutical and photo-
developing services.
 Walmart’s factors of production
include cash registers, employees,
natural resources such as cotton,
machines, and buildings.
 Instead of going to Walmart, one could
have been studying for a test or
applying for a job opening.
 One trade-off of establishing this
business is that the managers could
have been reading books or relaxing
instead.

3. Publix
 Publix provides goods such as groceries, gift cards,
greeting cards, sandwiches, and toys for pets.
 Publix’s factors of production include cashiers,
vegetables, eggs, factories, buildings, and land.
 An opportunity cost of going to Publix is missing the
chance to go to Walmart or catching up on sleep.
 Instead of starting this Publix, the manager could have
been focusing on building his or her family.

4. Zaxby’s
 Zaxby’s provides foods, such as
chicken tenders, salads, and
sandwiches, and drinks for its
consumers.
 The factors of production for
Zaxby’s include cashiers, cash
registers, land, buildings, tables,
chicken, and fryers.
 One opportunity cost of eating at
Zaxby’s is missing the chance to
cook a meal and eat at home.
 A trade-off the manager made to
start this business is losing time
he or she could have spent with
his friends or family.

5. Top Notch Express Car Wash
 Top Notch Express Car Wash offers its consumers car
washes, oil changes, gift cards, interior vacuuming, and
wax treatments.
 Top Notch Car Wash’s factors of production include water,
soap, automated car wash machines, workers, vacuums,
and oil.
 Instead of going to Top Notch Car Wash, one could have
saved money and washed his or her car by hand at home.
 One trade-off the manager made in establishing this
business is losing or delaying the chance to pursue a
undergraduate or graduate degree.

6. Great Clips
 Great Clips provides for its
consumers hair cutting, beard
trimming, hair dyeing, and hair
washing services. Great Clips also
sells hair products, shampoos, and
conditioners.
 The factors of production for Great
Clips include the chemicals needed
for shampoos, dyes, and
conditioners, hair stylists, cash
registers, chairs, mirrors, combs,
scissors, and razors.
 Instead of going to Great Clips, one
could have gotten a family member
or friend to cut his or her hair free of
charge.
 A trade-off the manager of this
business made is losing or delaying
the chance to start a restaurant or
movie theater instead.

7. Kay’s Jewelers
 Kay’s Jewelers produces rings,
earrings, necklaces, bracelets,
watches, and personalized gifts for its
consumers. This business will also fix
broken jewelry for its customers.
 The factors of production for Kay’s
Jewelers include salespeople,
managers, cash registers, glass
displays, gemstones, gold, silver, and
buildings.
 The opportunity cost of going to Kay’s
Jewelers for a gift is losing the chance
to make a homemade gift by hand and
save money.
 Instead of establishing this business,
the manager of Kay’s Jewelers could
have been pursuing a career in
medicine or travelling the world.

8. Furniture Mart
 Furniture Mart provides for its consumers home decorations,
couches, beds, dining sets, lamps, pillows, chairs, and
fireplaces.
 Furniture Mart’s factors of production include employees,
managers, wood, cotton, cash registers, land, and buildings.
 Instead of going to Furniture Mart, one could be at work or
catching up on sleep.
 When the manager established this business, he or she
traded the opportunity to relax at home or play sports.

9. Peachwave Frozen Yogurt
 Peachwave provides its costumers
with bubble teas, smoothies, slushes,
frozen yogurts, and an assortment of
topping including peanuts and gummy
worms.
 Peachwave’s factors of production
include a manager, cashiers, tables,
chairs, cups, spoons, milk, yogurt
machines, blenders, land, and building
space.
 Instead of going to Peachwave, one
could have gone to get ice cream or
chosen a healthier snack such as an
apple.
 By starting this business, the manager
lost or delayed his or her chance of
starting a family or continuing his
education.

10. Shell Gas Station
 Shell Gas Station provides
costumers with an opportunity to
refill their gas. Also, this gas
station sells goods such as
snacks and coffees.
 The gas station’s factors of
production include gasoline, gas
pumps, cashiers, managers,
buildings, and land.
 Instead of getting gas at Shell,
one could have taken public
transportation or walked.
 By starting this business, the
manager traded time that he or
she could have spent pursuing a
college degree or starting a
family.

11. Sources
 http://clickforkesem.org/quantum-economics-philosophy-of-the-
economy/
 http://www.myaugustadowntown.com/properties.shtml
 https://www.tilt.com/tilts/walmart-5d8d3a0f
 http://collegecouncil.emorycampuslife.org/experience_shuttles/walmart-
dekalb-farmers-market-shuttles
 http://salvationarmyorlando.org/publix-super-markets-charities-awards-
the-salvation-army-of-orlando-with-20000/
 https://www.zaxbys.com/
 http://descargargratis.download/car/car-wash-building-design-design-of-
the-car-wash.html
 http://www.entrepreneur.com/business-opportunities/32896
 http://www.brides.com/engagement-
rings/photos/kayjewelers?primaryfacet=designer
 http://www.shopgreenhills.com/directory/kay_jewelers
 http://www.thesofastoreusa.com/
 http://froyogirl.blogspot.com/2011/08/inside-swirl-peachwave-frozen-
yogurt.html
 http://www.foothillsbuilders.com/retailRestGallery.html
 http://www.nj.com/hudson/index.ssf/2010/08/jersey_city_police_say_thu
gs_h.html